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The Federal Perkins Loan is a low-interest (5%) need based loan available to both undergraduate and graduate students. It is subject to availability and financial need. Awards are packaged by the Financial Aid Office and then administered through the Student Loan Office. This means that Ģ����Ƶ is the lender for the Perkins Loan.

If a student has been awarded a Federal Perkins Loan they must contact the Student Loan Office to complete the Master Promissory note and loan entrance counseling paperwork.

Once a student leaves school, drops below half time status or graduates they have a grace period of nine months before they have to start paying back their Perkins Loan. If there is a lapse in enrollment greater than nine months or a student has graduated and will not continue their academic program the following semester, a borrower is considered to have “separated” from the university and must complete an exit interview. The exit interview is a Federal requirement and failure to do so will result in a “restriction/stop” being placed on a student’s account and will prevent obtaining a transcript or diploma. Please note that this requirement is separate from the exit interview that is online for your Direct Loans. For the Perkins loan exit interview process, you must contact the Student Loan Office.

The billing service used to send bills and correspondence is Campus Partners. They process payments, deferment forms and payment inquiries. Their website www.mycampusloan.com offers web based access to students Perkins Loan information as well as the tools to manage the loan online. Borrowers can use this site to view their current and past payment information, receive electronic billing notices, make a payment through a wide variety of payment methods, obtain important news and other information, and download needed forms.

Once in repayment, Perkins Loans are eligible for deferment, forbearance and cancelation. Perkins Loans that go into default are eligible for acceleration (entire balance becomes due at once), fees, collection costs, wage garnishment and assignment to the Department of Education.

The University does have a program to assist students who may have fallen into default called the Perkins Loan Rehabilitation. OWWhen Program. This program allows students to enter into a new repayment arrangement and after 9 consecutive on-time monthly payments, all derogatory credit reporting is removed.  After 6 months of payments, borrowers are eligible to have their stops removed from their account and their default (not credit) information updated with NLSDS.